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| Type | Working Paper |
| Scope | Discipline-based scholarship |
| Title | Existence of Sunspot Equilibria and Uniqueness of Spot Market Equilibria: The Case of Intrinsically Complete Markets |
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| Institution | University of Zurich |
| Series Name | Working paper series / Institute for Empirical Research in Economics |
| Number | No. 188 |
| ISSN | 1424-0459 |
| Date | 2004 |
| Abstract Text | We consider economies with additively separable utility functions and give conditions for the two-agents case under which the existencenof sunspot equilibria is equivalent to the occurrence of the transfer paradox.nThis equivalence enables us to show that sunspots cannot matter if the initial economy has a unique spot market equilibrium and there are only twoncommodities or if the economy has a unique equilibrium for all distributions of endowments induced by asset trade. For more than two agents the equivalence breaks and we give an example for sunspot equilibria even though theneconomy has a unique equilibrium for all distributions of endowments inducednby asset trade. |
| Official URL | http://www.econ.uzh.ch/wp.html |
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